Sales & Demand Forecasting
The nemesis for any operation – it is not an exact science. Forecasting customer demand for products or services is a proactive process determining what products are needed where, when, and in what quantities. As a result, demand forecasting is a customer-focused activity.
Demand forecasting is also the springboard of a company’s entire logistics process, it is integrated with the planning activities for example; capacity planning, inventory planning, resource management planning, asset management planning should all captured within the overall business plan.
As consumers now expect to personalise their demand through Omni-Channel engagement, many companies fail to integrate their forecasting process horizontally across all stakeholders. Instead, focusing on statistical patterns to determine business critical decision making. Such outcomes typically produce a loss of confidence in the forecast resulting in silo departments developing their isolated forecasts; sales, supply chains, logistics, production, warehousing and finance viewing their world very differently.